EOS and STEEM Remain Below Higher Time Frame Resistance
Cryptocurrency Markets
While I was bullish on Bitcoin in Monday’s weekly market, cryptocurrency preview section of the blog, I was however quite bearish on both EOS and STEEM. Two markets that I’d like to go over today.
If you follow my content then you’d know my trading style relies on taking trades only in the direction of higher time frame trends, after higher time frame levels have held. In the case of both EOS and STEEM, you’ll see that price is below higher time zones in both market. A sign that I most definitely won’t be buying.
Let’s start things off with EOS and a look at the higher time frame level that I’m referring to:
EOS/USD Daily
Compare the chart in the weekly preview blog with the one above, or just ignore the last 5 candles, and you’ll see that price was sitting at resistance.
You can of course see how things played out on the daily, but let’s zoom into an intraday chart to make it clearer:
EOS/USD Hourly
You can see it’s just been a slow retreat back down from the level all week. Until recently at least, but either way, no proper bullish technical damage has been done to the levels.
STEEM is exactly the same, starting again with the daily of course:
STEEM/USD Daily
I don’t really need to explain it again because it was the same as EOS at the beginning of the week and it’s the same as EOS at the end of the week. Below the key resistance zone and not inspiring with any sort of bullish price action.
The hourly is a technical picture of beauty though:
STEEM/USD Hourly
Key intraday levels being tested and retested on both sides, in the direction that the higher time frame chart dictates.
Bellissimo!
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
Delegated Proof of Stake Blockchains looking so bullish. Steem continues to impress with daily usage and the EOS mainnet is finally here! So much good news and the charts are looking like a breakout is near. Do you have any price predictions for EOS?
I really like the model. I’m a long term holder of both EOS and STEEM.
I’m definitely long term bullish, but just playing the charts short term as I see them here.
I’ve learned that making price predictions here isn’t good for anyone. I just like to talk about good solid levels that traders can manage their own risk around instead.
(But long term, I’ll say the price that matches ETH’s market cap and beyond) 😉
Why you guys always talk about price predictions ? EOS and STEEM has larger communities in the crypto space and its impacting so many peoples life positively..
How can you short/sell something that going to affect so many people ?
Hey Nathan. Thanks for dropping by. The photos of Langawi certainly look amazing. Steemit with that sort of view looks perfect to me! 😎
The community and real world aspects of EOS and STEEM are definitely impacting people’s lives in a positive way. Heck, this blog has transformed my own life.
But it’s a market and traders providing liquidity is a good thing. Whenever someone using the community wants to cash out to fund their real life or a community project, then they are able to instantly because traders are providing the liquidity required.
If you’re margin trading then shorting should be viewed no different to going long on any market.
The trader isn’t ruining anybody’s life. He’s not sending the market to zero. He’s just playing the natural market swings and providing liquidity to the overall market as he does.
We’re not evil, we’re actually an integral part of the community. 😉
You sound like trader with good intentions.
I rarely meet traders of your kind in real life or on social media.
I love true entrepreneurs who are pushing the humanity forward :)
I’m just a realist 😉. But thank you, I appreciate it.
Do you happen to have Discord? I’d love to hear your story and what STEEM is doing for your life.
Unfortunately I don’t have Discord!
Ever since I got into Crypto, I was always looking for ways to help others in meaningful ways. Now I just getting started on Steemit and I will be sharing my story with everyone here on Steemit.
I’m so happy to see people like yourself here and it makes me feel I’m in the right place :)
wow. Im impressed with your response rate
great question @nathanmars and also great explanation
i was also having similar questions that was bothering me.
Always happy to chat crypto! 😎
Hi buddy
I've been away for past 3 weeks (short holiday) and finally im back :) Loads of catching up is awaiting me now.
I checked your profile and im glad to see that you're still very active on steemit.
How have you been doing?
(I upvoted number of posts today so my voting power is runnig very low. For that reason I cant upvote your post today but i will be following you closely)
Cheers buddy,
Piotr
Hey mate, welcome back. How was the holiday?
Of course I’m still active here! Steemit is going from strength to strength and I’m loving being a part of it.
Still day trading, accumulating coins and enjoying life. No complaints from me 😎. See you around!
Hi buddy
Holiday as usual to short hehe :)
i've noticed that you're from Sydney? Are you originally from Australia?
Thx for your kind comment :)
cheers, Piotr
of course all will influence on bitcoin prices.
the world must stabilize bitcoin prices
@forexbrokr
A free market is going to trade in both directions. It’s not a bad thing. This is how it is in reality.
Relax, go with it. 🙂
of course all will influence on bitcoin prices.
the world must stabilize bitcoin prices
@forexbrokr
See above...